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Agree or disagree When a new generic drug is introduced to the market, the price of the brand name drug may decrease due to increased
Agree or disagree When a new generic drug is introduced to the market, the price of the brand name drug may decrease due to increased consumption and a decrease in the brand name. The brand name must lower its price to compete and regain consumers. Multiple brands can cause a surplus in the market, leading to price drops. Lower drug prices help consumers allocate resources more efficiently, such as money and time saved from boosted recovery speeds. This money can be used to buy other items or create something new. Multiple drugs also affect consumer choice, as people may choose between cheaper generic options or invest more resources in better name-brand medicine. This shift in spending can increase the consumption of other goods
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